Emerald Advisers LLC Boosts Holdings in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Emerald Advisers LLC increased its stake in Seacoast Banking Corporation of Florida by 163.2% in the first quarter, ending with 504,363 shares valued at about $15.3 million.
• Seacoast reported better-than-expected earnings of $0.62 per share for the quarter, topping consensus estimates, while revenue came in roughly in line and rose 45.8% year over year.
• The company paid a quarterly dividend of $0.19 per share, implying an annualized yield of 2.3%, and analysts currently hold a consensus rating of Moderate Buy with a $35 price target.

Emerald Advisers LLC raised its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 163.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 504,363 shares of the financial services provider's stock after buying an additional 312,712 shares during the period. Emerald Advisers LLC owned about 0.52% of Seacoast Banking Corporation of Florida worth $15,277,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Seacoast Banking Corporation of Florida by 2.0% in the 1st quarter. Principal Financial Group Inc. now owns 470,731 shares of the financial services provider's stock valued at $14,258,000 after purchasing an additional 9,454 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Seacoast Banking Corporation of Florida by 2,562.9% during the 1st quarter. Fifth Third Bancorp now owns 74,348 shares of the financial services provider's stock worth $2,252,000 after acquiring an additional 71,556 shares in the last quarter. Sound Income Strategies LLC lifted its position in shares of Seacoast Banking Corporation of Florida by 6,117.6% during the 1st quarter. Sound Income Strategies LLC now owns 15,855 shares of the financial services provider's stock worth $485,000 after buying an additional 15,600 shares during the last quarter. Deprince Race & Zollo Inc. grew its position in Seacoast Banking Corporation of Florida by 0.6% during the 1st quarter. Deprince Race & Zollo Inc. now owns 2,237,739 shares of the financial services provider's stock worth $67,781,000 after purchasing an additional 13,304 shares during the last quarter. Finally, Peregrine Capital Management LLC purchased a new position in shares of Seacoast Banking Corporation of Florida during the first quarter worth about $4,752,000. Institutional investors and hedge funds own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ:SBCF opened at $32.97 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.78 and a quick ratio of 0.78. Seacoast Banking Corporation of Florida has a 1-year low of $27.22 and a 1-year high of $35.55. The firm has a 50-day moving average of $31.25 and a two-hundred day moving average of $31.82. The stock has a market cap of $3.21 billion, a P/E ratio of 21.69 and a beta of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.04. The company had revenue of $205.10 million for the quarter, compared to analyst estimates of $205.51 million. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.Seacoast Banking Corporation of Florida's quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 EPS. On average, research analysts expect that Seacoast Banking Corporation of Florida will post 2.51 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.19 per share. The ex-dividend date was Monday, June 15th. This represents a $0.76 annualized dividend and a yield of 2.3%. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 50.00%.

Analysts Set New Price Targets

SBCF has been the topic of a number of recent analyst reports. Weiss Ratings raised Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. Piper Sandler boosted their price objective on shares of Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a "neutral" rating in a research report on Monday, June 22nd. Finally, Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

Insider Buying and Selling

In related news, Director Dennis S. Hudson III sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $34.00, for a total transaction of $136,000.00. Following the completion of the transaction, the director owned 216,854 shares in the company, valued at $7,373,036. The trade was a 1.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James C. Stallings III sold 7,552 shares of the business's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total transaction of $235,320.32. Following the transaction, the executive vice president directly owned 7,247 shares of the company's stock, valued at approximately $225,816.52. This trade represents a 51.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 29,919 shares of company stock valued at $942,733. Insiders own 1.50% of the company's stock.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.

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